A recent report by Research and Markets projects that the Asia Pacific (APAC) heat-not-burn market will grow at a CAGR of 14.6% during 2019-2025.
According to the report, reduced risks associated with HNB tobacco products shifted consumers towards such products from conventional cigarettes. HNB has gained social acceptance in the Asia Pacific (APAC) region and focuses on providing less carcinogenic substances and less of tar. Furthermore, these offer a similar experience as conventional cigarettes which drive regular smokers towards HNB products.
The report also said that globally, the APAC region holds the largest revenue share in the HNB market. The presence of the largest smoking population in the region acts as a catalyst in propelling the demand for such products in Asian countries.
Japan has the largest revenue share in the region owing to the introduction of such products in the market since the introduction of these products whereas the growth rate of the heat-not-burn tobacco product market in South Korea is highest as compared to other countries in the region.
By age group, the bracket of 18-39 years has acquired the market of such products owing to the higher social acceptance. Offline mode has captured the highest share in the heat-not-burn tobacco product market due to the physical availability of the product and no age restrictions on buying the product offline as compared to the online mode.